Re:Many Bitcoin Miners Are at Risk of Turning Unprofitable
by thisisit on Thursday April 19, 2018 @12:17AM
(#16873301)
That is assuming a 51% attack is only about double-spends. There are other attacks which can be done without trying to double spend.
Still it this exact belief in math that will become a self fulfilling prophecy and keep bitcoin afloat way past someone executing 51% attack.
Re:Many Bitcoin Miners Are at Risk of Turning Unprofitable
by sowbug on Thursday April 19, 2018 @03:29PM
(#16879246)
Right, my reply simplified the issue.
But generally, it's a fair generalization that if step #1 in taking down Bitcoin is acquiring >50% of mining power, most rational actors will go off-mission and decide that step #2 is mine Bitcoin, not screw with it.
Anyone with that computing power will use it to earn transaction fees, not to attack Bitcoin by sniping funds through double-spends. If Bitcoin were ever attacked such that transactions were not immutable once confirmed, people would stop using it and the value of Bitcoin would drop. A 51% attack only destroys Bitcoin. There is no financial incentive (at least not in terms of Bitcoin).
(This is in the original white paper.)